Iraq Taking Bids on Oil Tankers

Iraq invited bids from local and international companies for two new oil tankers and another for chemical products.

The country’s fleet of oil tankers was devastated by tit-for-tat shelling during the 1980-88 Iran-Iraq war and by attacks during the 1991 U.S.-led Gulf War.

Last year, Iraq signed a $65 million contract with China to buy three oil tankers to boost exports.

Two ships, named for Iraq’s main rivers, the Tigris and the Euphrates, have been delivered with a capacity of 13,000 tons each. The delivery of the third is expected later this year.

Iraq sits on the world’s third-largest proven oil reserves with more than 115 billion barrels, but it has struggled to regain its export footing, and the industry has been battered since the 2003 U.S. invasion.